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Category > Management Posted 08 Jan 2018 My Price 8.00

Bitten Company

Problem 5-10 Comparison of Inventory Costing Methods—Periodic System

 

Bitten Company’s inventory records show 600 units on hand on October 1 with a unit cost of

 

$5 each. The following transactions occurred during the month of October:

 

Date                   Unit Purchases               Unit Sales

 

LO2•3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LO5•6 • 7

 

 

 

October 4

 

500  @ $10.00

8

800  @ $5.40

 

9

 

700  @ $10.00

18

700  @ $5.76

 

20

 

800  @ $11.00

29

800  @ $5.90

 

 

All expenses other than cost of goods sold amount to $3,000 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes.

 

Required

 

1.        Prepare a chart comparing cost of goods sold and ending inventory using the periodic system and the following costing methods:

 

Cost of Goods Sold             Ending Inventory                Total

 

 

Weighted average FIFO

 

LIFO

 

2.        What does the Total column represent?

 

3.        Prepare income statements for each of the three methods.

 

4.        Will the company pay more or less tax if it uses FIFO rather than LIFO? How much more or less?

 

 

 

 

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Jan 2018 09:01 PM My Price 8.00

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